Florida Thoroughbred Breeders Association Inc
- Assets
- $6.3m
- Revenue
- $2.9m
- Investments
- $861.1k
- Employees
- 9
- Location
- Ocala, FL
- Founding
- 12/1968
- Data as of
- 06/2022
- EIN
- 59-0944678
Organization Overview
Florida Thoroughbred Breeders Association Inc, operating under the name Florida Thoroughbred Breeders And, is located in Ocala, FL. The organization was established in 1968. According to its NTEE Classification (K20) the organization is classified as: Agricultural Programs, under the broad grouping of Food, Agriculture & Nutrition and related organizations. As of 06/2022, Florida Thoroughbred Breeders And employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Thoroughbred Breeders And is a 501(c)(5) and as such, is described as a "Labor, Agricultural, and Horticultural Organization" by the IRS.
For the year ending 06/2022, Florida Thoroughbred Breeders And generated $2.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $2.5m during the year ending 06/2022. While expenses have increased by 4.0% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Florida Thoroughbred Breeders And has awarded 11 individual grants totaling $2,291,026. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE THOROUGHBRED HORSE INDUSTRY IN THE STATE OF FLORIDA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES THE ADMINISTRATION FOR THE PAYMENTS OF AWARDS TO BREEDERS OF FLORIDA-BRED HORSES THAT WIN OR PLACE AT FLORIDA RACE TRACKS. THE AWARDS ARE DETERMINED BASED ON FORMULAS ESTABLISHED BY A STATE APPROVED BREEDERS AWARD PLAN.
REGISTRATION OF FLORIDA-BRED FOALS AND REGISTRATION OF STALLIONS STANDING AT STUD IN THE STATE OF FLORIDA.
ADVERTISING AND PROMOTION OF THE FLORIDA HORSE INDUSTRY.
ADMINISTRATION OF THE FLORIDA SIRE STAKES PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lonny T Powell CEO & Execut | Officer | 40 | $311,770 |
Peggy Yost CFO | Officer | 40 | $84,291 |
Phil Matthews DVM Immediate Pa | OfficerTrustee | 1 | $0 |
Valerie Dailey President | OfficerTrustee | 1 | $0 |
Brent Fernung Treasurer | OfficerTrustee | 1 | $0 |
George Isaacs 1st Vice Pre | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jacks Or Better Farm Inc Stallion Awards | 6/29/16 | $192,450 |
Brent Fernung Stallion Awards | 6/29/16 | $153,000 |
Smith Bryan & Myers Lobbying | 6/29/16 | $106,449 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $84,100 |
| Fundraising events | $0 |
| Related organizations | $167,856 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $56,590 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $308,546 |
| Total Program Service Revenue | $2,580,311 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,891,430 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $613,600 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $496,520 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $369,610 |
| Pension plan accruals and contributions | $7,493 |
| Other employee benefits | $71,324 |
| Payroll taxes | $26,446 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $77,490 |
| Fees for services: Accounting | $42,161 |
| Fees for services: Lobbying | $113,427 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $78,962 |
| Office expenses | $87,668 |
| Information technology | $22,568 |
| Royalties | $0 |
| Occupancy | $29,758 |
| Travel | $13,643 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,769 |
| Interest | $1,150 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,868 |
| Insurance | $42,772 |
| All other expenses | $12,040 |
| Total functional expenses | $2,462,379 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,113,220 |
| Savings and temporary cash investments | $260,009 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $591,506 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21 |
| Inventories for sale or use | $5,376 |
| Prepaid expenses and deferred charges | $26,530 |
| Net Land, buildings, and equipment | $364,882 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $861,140 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $72,082 |
| Total assets | $6,294,766 |
| Accounts payable and accrued expenses | $166,393 |
| Grants payable | $0 |
| Deferred revenue | $35,400 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $22,989 |
| Total liabilities | $224,782 |
| Net assets without donor restrictions | $6,069,984 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,294,766 |
Grants Awarded
Over the last fiscal year, Florida Thoroughbred Breeders Association Inc has awarded $613,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TAMPA BAY DOWNS INC PURPOSE: PURSE SUPPLEMENT | $338,500 |
GULFSTREAM PARK PURPOSE: PURSE SUPPLEMENT | $275,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Florida Thoroughbred Breeders Association Inc has recieved totaling $19,623.
| Awarding Organization | Amount |
|---|---|
U S Livestock Genetics Export Inc Mount Horeb, WI PURPOSE: MARKET DEVELOPMENT | $19,623 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Montgomery Academy Inc Montgomery, AL | $22,347,255 | $11,005,286 |
Georgia Farm Bureau Federation Macon, GA | $39,904,441 | $13,619,773 |
Florida Farm Bureau Federation Gainesville, FL | $41,575,612 | $9,616,560 |
Southeast Produce Council Millen, GA | $7,110,033 | $5,998,694 |
United Food And Commercial Workers International Union Lakeland, FL | $1,227,147 | $3,715,232 |
Florida Thoroughbred Breeders Association Inc Ocala, FL | $6,294,766 | $2,891,430 |
Boll Weevil Eradication Foundation Of Georgia Inc Tifton, GA | $5,087,795 | $1,811,217 |
Koinonia Farm Americus, GA | $1,152,074 | $993,655 |
Farmworkers Coordinating Council Of Palm Beach County Inc Lake Worth, FL | $2,307,591 | $1,245,351 |
Minorities In Agriculture Natural Resources & Related Sci Atlanta, GA | $2,906,308 | $1,954,738 |
Farmworker Association Of Florida Inc Apopka, FL | $1,759,377 | $1,412,332 |
Southern Crop Production Association Wetumpka, AL | $1,157,732 | $895,149 |